Armstrong Economics Blog/Australia & Oceania
RE-Posted Aug 26, 2018 by Martin Armstrong
QUESTION: Dear Mr. Armstrong,
I don’t know if you’ve heard the news but here down under in Australia, the Liberal party has just replaced the current Prime Minister Malcolm Turnbull to Scott Morrison. This is the 6th leadership change at the federal level since Kevin Rudd’s 2007 election. Each prime minister seems to only last about 2-2.5 years and never completes their full term. Do you think the invisible hand of cycles is playing a role here? It’s hard to believe this is all just a coincidence. The politics here is just insane, no one cares about the country and each party only cares about the next election. If you include the state level then we have had 66 leadership changes in 13 years!! Insane right?
ANSWER: I fully understand. The Australian government is in crisis and they are only looking at themselves and how to weather the economic storm. This constant change in the leadership reminds me of Rome as it headed into the Great Monetary Crisis of the 3rd century. From the time of Maximinus I (235-238AD) when he declared all wealth belonged to the State (Him), until 268 and the final overthrow of Gallienus in (253-268AD), there were 26 emperors in 33 years making the average reign just 1.26 years. So actually, you are beating the fall of Rome since your turnover rate is 6 political heads of state in just 11 years making it 1.83 years for an average reign. You are not there yet.
This is a reflection of the declining state of politics and government on a worldwide scale. We are preparing a special report on politics which will include the upcoming American mid-term election